Exam-Related Sanctions

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When enrolling in the CFA® Program or registering for any level of the CFA exam, candidates agree to understand, accept, and comply with all conditions, requirements, policies, and procedures for the CFA
Program.

At the testing center, candidates sign a Candidate Pledge, affirming they will follow all rules of the CFA Program and acknowledging that a violation of any rules will result in CFA Institute voiding exam results and may lead to suspension or termination of candidacy in the CFA Program.

Candidates are advised of the conditions, requirements, policies, and procedures through several communications, including the CFA Institute website, exam ticket, verbal statement read prior to the commencement of the exam, and the back of the exam booklet.

The exam-related conduct outlined below includes any activity or conduct related to participation in the CFA Program, including conduct before, during, and after the administration of the CFA exam, and any conduct that compromises or attempts to compromise the reputation, integrity, validity, or security of the CFA exam.

From 1 January 2013 to 31 December 2016, the following sanctions were imposed, either as accepted by the candidate or imposed by a hearing panel composed of Disciplinary Review Committee members.

Writing/Erasing Past Time Called

Exam Rule

Candidates must not continue to write or erase after time is called.

Sanction

Number of Sanctions

Private Reprimand

1034

1 Year Cannot Participate in CFA Program

37

Use of Scratch Paper

Exam Rule

Candidates may not use scratch paper during the exam. Scratch paper includes writing paper, the exam ticket, calculator keystroke card, desk top, or any other surface.

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

42

2 Years Cannot Participate in CFA Program

23

3 Years Cannot Participate in CFA Program

9

4 Years Cannot Participate in CFA Program

2

5 Years Cannot Participate in CFA Program

4

Private Reprimand

49

Unauthorized Calculator

Exam Rule

Only two calculator models are approved for use on the CFA exams:

Hewlett Packard 12C

Texas Instruments BA II Plus

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

2

Private Reprimand

267

Opening Question Booklet before Start of Exam

Exam Rule

Candidates must not open the exam or begin working on the exam before instructed to do so by the testing personnel.

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

2

Private Reprimand

172

Possession of Study Materials

Exam Rule

Study materials,
including notes, papers,
textbooks, present/future
value tables, and/or
study guides are not
permitted in the testing
room. Personal items, including
study materials, that are
not allowed in the testing
room must be placed the
area designated for
personal belongings. Candidates must print
their exam admission
ticket on clean, unused
paper.

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

3

3 Years Cannot Participate in CFA Program

1

5 Years Cannot Participate in CFA Program

2

Private Reprimand

1

2 Years Cannot Participate in CFA Program

7

Permanent

1

Leaving Exam Center/Building

Exam Rule

Candidates who exit the designated, secure, proctored test area during the administration of the exam may not re-enter the testing room.

Talking during Exam

Candidates may not speak to anyone other than a proctor during the administration of the exam.

Sanction

Number of Sanctions

2 Years Cannot Participate in CFA Program

1

Private Reprimand

3

Assistance during Exam

Exam Rule

Each candidate attests through the candidate pledge signed prior to the exam that they will neither give nor receive assistance while taking the exam. Looking or glancing at another candidate’s exam or giving the appearance of doing so violates the exam rules and regulations.

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

19

2 Years Cannot Participate in CFA Program

115

3 Years Cannot Participate in CFA Program

4

5 Years Cannot Participate in CFA Program

309

Permanent

1145

Failure to Cooperate

Exam Rule

Candidates are required to produce documents, testify, and otherwise cooperate in disciplinary proceedings of CFA Institute.

No instances led to a sanction.

Disclosure of Exam Content

Exam Rule

Candidates must not share information about exam content with anyone, including other candidates.

Sanction

Number of Sanctions

5 Years Cannot Participate in CFA Program

1

Permanent

1

Private Reprimand

1

Misrepresentation

Exam Rule

Disciplinary sanctions may be imposed for falsification of information on CFA Program enrollment applications, presenting a falsified identification for admission to the exam, presenting a modified exam ticket for admission to the exam, and/or any other misrepresentation related to participation in the CFA Program.

Sanction

Number of Sanctions

1 Year Cannot Participate in CFA Program

1

Private Reprimand

2

Failure to Follow Instructions/Inappropriate Behavior

Exam Rule

Candidates must follow the directions of testing personnel and treat testing personnel and fellow candidates with respect and in a professional manner. Candidates must not create a disturbance during the administration of the exam.